Blemain reassures brokers

21 July 2008

Following the departure of secured loan lender FirstPlus, Blemain Finance has reassured brokers that it is in a strong position regarding its long-term funding, and will continue to lend.

Gary Bailey, director at Blemain Finance, says: “We regret that it has been necessary for FirstPlus to make this decision. Its absence will affect all parties with a stake in the secured loans market, especially those brokers who placed significant volumes of their business with First Plus. Of course, lenders will also be affected on both business volumes and liquidity.

“Like the other remaining lenders in the secured loans market, Blemain Finance is concentrating on liquidity and risk as we travel through these un-charted market conditions for an indefinite period.

"However, brokers can be assured that we are in a strong position with long-term funding in place and an appetite to continue lending responsibly. We look forward to continuing to help to support brokers during these difficult times.”